India, UAE Aim $100 Billion Trade Boost With Focus on Pharma, Ayurveda and Faster Drug Approvals
India and UAE target $100 billion non-oil trade by 2030, focusing on pharma, healthcare, ayurveda, and faster drug approvals under CEPA.
Commerce Minister Piyush Goyal with UAE’s Thani bin Ahmed Al Zeyoudi during trade talks on pharma, healthcare, and ayurveda cooperation.
With an eye towards achieving a $100 billion trade target by 2030, India and the UAE are attempting to strengthen their economic ties. The two countries are moving quickly to simplify trade, especially in the fields of traditional medicine, healthcare, and pharmaceuticals.
Fast-Track Pharmaceutical and Healthcare Trade between India and the United Arab Emirates
The UAE's Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi and India's Minister of Commerce and Industry Piyush Goyal recently met and talked about ways to increase their bilateral trade. The accelerated approval procedure for Indian pharmaceutical and medical products entering the UAE market was a major topic of conversation.
The UAE has expressed optimism about expediting regulatory and registration processes. As a sign of its dedication to upholding international standards, India has in turn underlined its readiness for inspections and audits by UAE authorities.
With an emphasis on Ayurvedic products, the ministers also looked at new prospects in traditional medicine. This collaboration is in line with the growing interest in holistic and natural remedies around the world.
Developing Economic Partnerships and Resolving Trade Concerns
The Comprehensive Economic Partnership Agreement (CEPA), a free trade agreement put into effect in May 2022, was also reviewed during the talks. By 2030, both countries aim to boost non-oil trade to $100 billion.
To ensure better monitoring under the CEPA, the ministers agreed to a more timely exchange of trade data. They also committed to resolving issues related to market access and regulations through the CEPA Joint Committee.
In the food sector, the UAE addressed concerns from India's food and beverage industry regarding high retail prices and mandatory testing for rice consignments. The formation of the Emirates Drug Establishment was also welcomed by India, as it is expected to help resolve issues faced by Indian pharmaceutical companies.
